The number of credit unions that have been hit by lawsuits alleging patent infringement keeps growing.
Among the victims are $4.9 billion Citizens Equity First Credit Union of Peoria, Ill., the $30 million Cherokee County Federal Credit Union in Rusk, Texas, the $740 million United Heritage Credit Union in Austin, Texas, the $79 million South Bay Credit Union in Redondo Beach, Calif. and $12.1 million Cal Poly Federal Credit Union in Pomona, Calif.
Experts who spoke with Credit Union Times said the number of demand letters demanding financial institutions pay up for a license to use technology that has become central to how they do business will increase. Lawsuits will too, with more actions targeting smaller financial institutions, credit unions included.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
